Abstract: The recycling of e-waste is a huge system engineering, which involves many stakeholders. From the co-evolutionary viewpoint of stakeholders, the paper built the co-evolutionary game model of multiple stakeholders in the e-waste recycling industry chain, and then made simulation analysis under the platform of Vensim, exploring the evolutionary equilibrium and the main driving factors of evolutionary. The simulation results showed that the e-waste recycling industry chain reached a stable state, in which the government's choice was supervision, the consumers' were formal recycling way and the companies took the initiative to increase investment in environmental protection;the government, consumers and companies respectively acted as guide, subsidiaries and pushers in the evolutionary process in the e-waste recycling industry chain;the government's supervision cost, the reward and the punishment, the enterprises' long-term circular economy benefit and cost and the enterprises' short-term economic benefits and so on were the main driving force of the evolution of the system. Finally, the research suggested that:in the early period of governance, government should take strong measures to supervise enterprises;in the middle and later period, government should adopt a moderate approach to enterprise;in the whole process, government should focus on strengthening the environmental awareness of consumers and enterprise.